Adani Enterprises increases stake in two group companies

11 Sep 2023 , 09:27 AM

The promoter group led by billionaire Gautam Adani has increased its share in two of the company’s listed companies, as the ports-to-energy conglomerate works on a recovery strategy after being stung by damning revelations.

The promoter group increased its stake in flagship Adani Enterprises from 69.87% to 71.93%.

The promoters have increased their interest in the flagship firm that incubates emerging enterprises for the second time in less than a month. Last month, the promoters increased their shareholding in Adani Enterprises Ltd. from 67.65% to 69.87%.

In addition, the promoter group increased its share in Adani Ports and Special Economic Zone Ltd from 63.06% to 65.23%.

In open market transactions, Resurgent Trade and Investment Ltd purchased nearly 1% of Adani Ports and Special Economic Zone Ltd, while Emerging Market Investment DMCC purchased another 1.2%. Both are promoter group companies.

The stake surge came only weeks after US-based boutique investment company GQG Partners picked up shares in Adani group companies.

According to filing documents with the bourses, GQG expanded its investment in Adani Ports & Special Economic Zone (APSEZ) to 5.03% last month through a bulk transaction.

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